Philly Apartment Portfolio Trades for $8M

The two properties are within five minutes' distance of each other. New ownership will seek to improve value by renovating specific aspects of the communities.

Scenic Apartments and Liberty Towers
Scenic Apartments and Liberty Towers

Rittenhouse Realty Advisors sold two apartment communities in Philadelphia’s Overbrook neighborhood. A New York-based entity acquired the portfolio for $8.1 million. The assets comprise 140 units and five commercial spaces.

The new owner plans to add value to the properties by renovating the kitchens and bathrooms. They believe in the overall long-term growth of the Overbrook market,” said Ken Wellar, managing partner at RRA, in a prepared statement.

Scenic Apartments is located at 303 N. 65th St. and Liberty Towers is situated just five minutes away, at 1101 N. 63rd St. Residents can easily access Center City and other parts of Philadelphia using the multiple light rail stations in the vicinity or the nearby Millbourne subway station. Route 1 and Interstate 476, also close to the communities, offer additional transit options.

Highly amenitized neighborhood

Liberty Towers, built in 1930, comprises 22 one-bedroom, 55 two-bedroom, five three-bedroom and 11 studio units. Sizes range from 458 to 986 square feet. The building also includes 2,000 square feet of retail space. According to Yardi Matrix, average monthly rent is $816 and occupancy is 89 percent.

Several parks and golf courses are nearby. Shopping and dining destinations can be found at the intersection of North 63rd Street and Haverford Avenue as well as on Market Street. Lebanon Avenue and Lancaster Avenue also features retail options for residents. Both are situated within walking distance of the Philadelphia apartment communities.

Overbrook is a highly sought after neighborhood in Philadelphia. With access to City Line Avenue and Center City, Philadelphia, it is a market that has always had high occupancy and is primed for growth,” said Corey Lonberger, managing partner at RAA, in prepared remarks.

Image courtesy of Rittenhouse Realty Advisors